Grand Rapids Business Journal Sale will allow for more affordable housing funds, potential amphitheater. Courtesy City of Grand Rapids The Grand Rapids City Commission unanimously approved an option agreement with the Grand Rapids-Kent County Convention/Arena Authority (CAA) for the sale of a portion of the city property at 201 Market Ave. SW. The city’s approval follows an action by the CAA for the potential location of a 14,000-seat amphitheater at the 201 Market site. The option agreement provides for the sale of approximately 11.6 acres of the northern portion of the approximately 17.5-acre 201 Market property estimated at up to $24.5 million. The property appraisal takes into account the CAA’s investment in the decommission and relocation of the east side trunk sewer and costs related to the demolition of existing site improvements. The final sale price will be determined based on the appraised value per square foot of property established in the memorandum of understanding and the amount of property required for development of the amphitheater project.